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HomeMy WebLinkAbout0919 . i . f . 7 ~ ~ 7 ! ~ ~ ~ j 8. laspect[on. Lender may make or cauee to be made reasonable entries upon and'uupections of the property. provided thet L.enderehall give Borrowe: notioe prior to any such inspection specifying reasonabk caws therefor related to Lender's interest in the Property. 9. COAd@R1D6~01f.'ll?e procceds of any eward or claim for dnmages. direct or coasequentiel, in rnnnection with any oondemnation or other taking of the property, or part thereof, or for conveyanoe in lieu of rnndemnation, are hereby assigned and shall be paid b Lender. In the event of a total taking of the Property, the peooeede ehall be applied to the auma secured by this Mortgage. with the e:cese. if any. ~ paid to Borrower. In the event of a partial taking of the Property. unleea Borrower and Lender otherwise agree in writing. there ehall be appGed to the suma eecured by this Mortgage such pmportion of the proceeds as is equal to that proportion which the amount of the sums aecured by this Morfgage immediately prior to the date o[ talring bears to the fair market value of the Propesty ianmediately prior to the date of talcing. with the balanoa of the prooeeds paid to Borrower. ; If the Proputy ie abandoned by Borrower. or if. aRer aotice by Lender w Borrower that the oondemnor oPfere to make an award or settle a ; claim for damages, Borrower fails to reapond b Lender wifhin 30 days after the date such notice is mailed. I.e~der ie authorized to coAect and - apply the proce~.~de, at Lender'e option. either to restoration or repair of the pmperty or to the auma eecured by thia Mortgage. ` p principal ehall not estend or postpone the due Unleea Lender and Borrower otherwiee agree in writing, any euch application of mceeds to 3 date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or chaage the amount of such inetallments. 10. Borrower Not Released. Extenaion of the time for paym~nt or modification of amortization of the eums secured by thie Mortgege ' granted by l.ender to any succeseor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Bo:rower and Borrower's successors in interea~ I.ender ahall not be required to oommenoe proceedinge againet euch eucceeeor or refuse b estend time ; for payment or otherwise modify amortization of the sums eecured by thie Mortgage by reaeon of any demand made by the original Bormwrr and Borrower a aucreseors in intereet. 11. Forbearance by Lender Not a Waiver. My forbeatance by Lender in e=ercieing any right or remedy hereunder. or otherwise af#'orded by eppUcable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The procnrement of ineurance or the ' payment of ta~cea or other Uene or chargee by Lender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtedness ? aecured by thia Mortgage. ~ 12 Remediea Cumulat~ve. All rnmedies provided in thie Mortgage are diatinct ahd cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, aad may be e:erciseii rnncurrently, indepeadently or euccesaively. 13. 3ucceseore and Aseigns Bouad; Joint and 3everal Liabiltty; Captione. The covenants and agreemente herein oontained shall bind, and the righta hereunder shall inure to. the reepective euccessora and aeaigns of Lender and Borrower. eubject to the pTOVieione of paragraph 1T hereof. All covenante and agreemente of Borrower ehall be joint and several. The captione and headinge of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the pmvieions hereof. I 4_ Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addresa or at such other addr~s aa Borrower may deaignate by notice to L.ender ae provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to Lender's addrese atated heiein or to auch other addre8s as Lend~ may designate by notice to Borrower as pmvided herein. Any notice pmvided for in thia Mortgage ehall be deemed to have been given to Borrow~ or L.ender when given in the manner deeignated hereia. 15. Uniform Mortgege; Governing Law; Severability. Thia form of mortgage rnmbines uniform aovenants for natioaal uee and non- uniform covenanta with limited variatione by juriadiction to oonatitnte a~u?iform eecurity inetrument ovvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clause of this Mortgage or ! the Note conflicts with applicable law, auch conflict ahall not affect other pmvieiona of this Mortgage or the Note which can be given eftect without the oonflicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ehall be furniahed a conformed oopy of the Nute and of fhie Mortgage at the time of ezecution or after recordation hereof. 17. 'I~ansfer of the Property; Aeaumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower without I.ender s prior written consent, ezcluding (a) the rteation of a lien or encumbrance aubordinate to lhis Mortgage, (b) the creation of a purchaee money security interest for houaehold appliancea, (c) a trsnsfer by devise. descent or by operation of law upon the death of a joint ` tenant or (d) the grant of any leseehold interest of three years or lesa not oontaining an option to purchaee, Lender may. at Lender's option, ~ declare all the suma eecured by tt~ia Mortg~ge to be immediately due and payable. Lender ahall have waived snch option to accelerate if, prior to the sale or tranafer, I.ender and the peraon to whom the Property is to be eold or traneferred reach agreement in writing that the credit of auch person iB satisfactory to l.ender and that the intereat payable on the aums aecured by this Mortgage shall be at such rate as L.ender ehall : request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei a aucceasor in intereat has e:ecoted a written assumption agreement accepted in writing by Lender, Lender ahaU release Borrower from all obligationa under this Mortgage and the Note. i If Lender e=erciaea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. E Such notice shall provide a period of not less than 30 days from the date the notice is ~r,ailed within which Borrower may pay the aums declared ~ due. If Borrower fail~ to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, f invoke any remedies permitted by paragraoh 18 hereoL f ' 18. Acceleration; Remedies. Ezcept ea provided in paragraph 17 hereof, upon Borrower'a breach of any oovenant or agreement of Borrower in t6ie Mortgage. including the oovenante to pay when due any sume secured by thia Mortgage, Lender prior to acceleration shall mait notice to Borrower eB provided in paragrap614 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leas t6an 30 daye from the date the notice is mailed to Borrower, by which euch breach must be cured; and (41 that failure to cure auch breach on or before the date epecified in the notice may result in acceleration of the eums secured by t6ie Mortgage, foreclosure by judicial proceeding aad eale of the Property. The notice ehall further inform Borrower of t6e right to reinstate after acceleration and the rig6t to aseert in the toreclosure prceeeding the non-ezistence of a default or any other defense of Borrower to acceteration and forecloeure. If the breach ie not cured on or before the dete epecified in the notice, Lender at Lender's option may declare all of the euma aecured by this Mortgage to be immediately due and payabte without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in euch proceeding all ezpensea of [oreclosure. including. but not limited to, reeaonable attorney's fees. and costs of docamentary evidence, abstracte and title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding L,ender's acreleration of the sums secured by this Mortgage, Borrowershall have the right to have any proceedings begun by Lender to enforce thia Mortgage deecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays l.ender all sums which would be then due under this Mortgage, the Note and notes aecuring Futurn Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other rnvenente or agreements af Borrower rnntained in ~ thie Mortgage; (c) Borrower pays all reaeonable expensea incurred by Lender in enforcing the covenants and agreements of Borrower oontained in this Mortgage and in enforcing [.ender'e remedies as provided in paragraph 18 hereof, including, but noi limited to, reasonable ~ attomey e fees; and (d! Borrower takea such action as Lender may reaxonably require to assure that the lien of this Mortgage, Lender'a intereet ~ in the Property and $orrower's obligation to pay the sums aecured by this Mortgage ahall rnntinue unimpaired_ Upon euch payment and cure ~ by Borrower, thie Mortgage and the obligationa seci~red hereby aha1) remain in full force and effect as if no acceleration had occurred. ~ 20. Aesignment of Re~ta; Appointment of Receiver. As additional security hernunder, Borrower hereby aaaigna to Lender the rente ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such renta as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonmeot of the Property, Lender ahall be entitled to have a receiver appointed by a ~ court to enter~upon, take poaeeasion of and manage the Property and tn collect the renta of the Property, including those past due. All rente ~ ~ collected by the receiver ehall be applied first to payment of the ooata of management of the Property and eolleMion of rents, including, but not ~ limited to, receiver'e feea, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums eecured by this Mortgage. The ~ receiver shall be liable to acoount only for those rente actually received_ ~ E ,.~~~t 3i? ~~~~~E ~17 ~ : : -